"The cumulative impact of the 787 schedule revisions has put pressure on program profitability," Boeing CFO James Bell acknowledged in his recent conference call with Wall Street analysts -- held just after the Dreamliner was tagged with its seventh delivery delay in three years. Just one of a cascade of negative items, the aerospace giant also guided investors to expect a dip of 10 to 15% in 2011 profits, a year already coming off a lower-revenue 2010.

But fortunately for American industry, Boeing doesn't represent the typical face of 21st-Century supply chain management. In fact, candidates for that role include companies like global polymer materials maker PolyOne Corp. A few days after Boeing vented its problems, PolyOne reported a surge in fourth-quarter profit that beat Wall Street estimates for the sixth straight quarter, on higher revenues across all of its segments, hitting $2.6 billion for the year, up 27% from 2009. It ended the year with $378 million in cash and $506 million of liquidity and said it expects double digit earnings growth in 2011, on top of a 252% gain in 2010, excluding special items and tax adjustments.

The Link Between Chains and Excellence

Their differing industries have little to do with the stark contrast in 2011 outlook between PolyOne and Boeing, as both manufacturers are navigating the turbulent aftermath of the worst global recession in a generation.

The divergence of fortunes goes back three years, and has its roots deep within their respective supply chains. If for Boeing the story was one of supply-chain missteps increasingly creating financial woe, for PolyOne supply chain improvements drove a .